Is Retirement Insurance really necessary for Seniors?

Is retirement insurance really necessary? You have paid insurance
premiums for as long as you can remember. Now that you are retired why
bother?

Well, even in retirement there are risks that need to be considered.

Personal property

The
obvious risks that need to be insured are damage to, or loss of, your
house, personal property, and your car. These risks are all covered
conveniently by modern insurance policies as a package including your
personal liability.

I had a nice surprise when I decided to
consolidate all these insurance policies into one package. I got several
quotes and one quote from a large insurance group was miles ahead of
the rest. They allowed for our retired status and applied all sorts of
discounts to my premium based on where we live and our claims record!

Medical

In
many cases you'll have medical insurance coverage provided by the
government, your former employer or union. But health care is your
biggest risk in retirement. You should consider Supplemental Healthcare
Insurance and/or Long-term Healthcare insurance depending on your health
profile and history.

Life insurance

Many of your
life insurance policies will became paid up and mature during your
retirement. New life insurance should normally not be required.

Travel insurance

Personally I think travel insurance is a rip off for retirees!

If
you bought your travel tickets with some credit cards, the transaction
will normally include basic travel insurance like loss of personal
belongings, delay in travel, basic accident insurance, and personal
liabilities.

To buy additional medical insurance for your trip
is, from my experience, a waste of money and effort. Any claim would be
scrutinized against your past medical record and if any previous
condition could be found that even remotely relate to the event that
caused your claim, it would not be paid out.

The exception is an International Travel Benefit that is linked to your existing Healthcare Plan. On a recent visit to Europe, I became ill in Switzerland and was flown by ambulance helicopter to hospital for emergency surgery. If it wasn't for the International Travel Benefit of my Healthcare Plan, I would now have been in serious trouble financially.